Vestcor Inc Reduces Holdings in Crocs, Inc. (NASDAQ:CROX)

Key Points

• Vestcor Inc has reduced its holdings in Crocs, Inc. by 36.5% to 7,579 shares, worth approximately $805,000.
• A variety of institutional investors have increased their stakes in Crocs, with Altshuler Shaham Ltd notably boosting its position by 30,778.0% in the last quarter.
• Despite reporting a decrease in year-over-year revenue, Crocs surpassed earnings expectations with an EPS of $3.00, beating the consensus estimate by $0.49.

Vestcor Inc lessened its position in shares of Crocs, Inc. (NASDAQ:CROX - Free Report) by 36.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,579 shares of the textile maker's stock after selling 4,352 shares during the period. Vestcor Inc's holdings in Crocs were worth $805,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Altshuler Shaham Ltd boosted its stake in Crocs by 30,778.0% in the 4th quarter. Altshuler Shaham Ltd now owns 456,995 shares of the textile maker's stock worth $50,055,000 after purchasing an additional 455,515 shares during the period. Fuller & Thaler Asset Management Inc. boosted its stake in Crocs by 49.0% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,308,402 shares of the textile maker's stock worth $143,309,000 after purchasing an additional 429,994 shares during the period. T. Rowe Price Investment Management Inc. boosted its stake in Crocs by 167.5% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 490,544 shares of the textile maker's stock worth $53,730,000 after purchasing an additional 307,185 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its stake in Crocs by 215.0% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 372,450 shares of the textile maker's stock worth $40,794,000 after purchasing an additional 254,212 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its stake in Crocs by 670.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 214,948 shares of the textile maker's stock worth $23,459,000 after purchasing an additional 187,051 shares during the period. Hedge funds and other institutional investors own 93.44% of the company's stock.

Crocs Price Performance

Shares of Crocs stock opened at $97.13 on Friday. The company has a current ratio of 1.52, a quick ratio of 0.97 and a debt-to-equity ratio of 0.75. The firm has a market capitalization of $5.45 billion, a PE ratio of 5.95, a price-to-earnings-growth ratio of 2.01 and a beta of 1.41. The business's 50-day moving average price is $103.28 and its 200-day moving average price is $102.58. Crocs, Inc. has a 12 month low of $86.11 and a 12 month high of $151.13.

Crocs (NASDAQ:CROX - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The textile maker reported $3.00 EPS for the quarter, beating the consensus estimate of $2.51 by $0.49. The firm had revenue of $937.33 million for the quarter, compared to analyst estimates of $907.07 million. Crocs had a return on equity of 43.07% and a net margin of 23.35%. The company's revenue was down .1% on a year-over-year basis. During the same period in the prior year, the company earned $3.02 EPS. Sell-side analysts forecast that Crocs, Inc. will post 13.2 EPS for the current fiscal year.

Insider Activity at Crocs

In other news, Director Ian Bickley sold 3,044 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $115.89, for a total transaction of $352,769.16. Following the transaction, the director directly owned 27,505 shares in the company, valued at approximately $3,187,554.45. This represents a 9.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 3.00% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on CROX. Barclays cut their target price on Crocs from $122.00 to $119.00 and set an "overweight" rating for the company in a research note on Friday, May 9th. UBS Group reaffirmed a "neutral" rating and issued a $110.00 price target (up previously from $105.00) on shares of Crocs in a report on Monday, July 28th. Piper Sandler lowered their price target on Crocs from $125.00 to $115.00 and set an "overweight" rating on the stock in a report on Friday, April 11th. Needham & Company LLC raised their price target on Crocs from $118.00 to $129.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Finally, Bank of America lowered their price target on Crocs from $140.00 to $135.00 and set a "buy" rating on the stock in a report on Monday, June 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $128.46.

Crocs Company Profile

Crocs, Inc, together with its subsidiaries, designs, develops, manufactures, markets, distributes, and sells casual lifestyle footwear and accessories for men, women, and children under Crocs and HEYDUDE Brand in the United States and internationally. The company offers various footwear products, including clogs, sandals, slides, flips, wedges, platforms, socks, boots, charms, flip flops, sneakers, and slippers.

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